Allstate Preferred Performance (Non-MVA)
Status:
Active
Group:
Everlake
Company:
Everlake Life Insurance Company
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
January 01, 2005
Closed Date:
July 06, 2009
Last Modified:
March 11, 2025 00:00
Description:
The Allstate Preferred Performance (Non-MVA) is a flexible premium deferred fixed annuity (single premium deferred fixed annuity in WA). The minimum premium is $5,000 for qualified funds and $10,000 for non-qualified funds. Additional contributions can be made for a minimum of $100. There is a 15% annual free withdrawal of accumulated value. Systematic withdrawals are also an option. Surrender charges are six or seven years in length and are waived in the event of death, entrance into a nursing home or hospital, unemployment, or diagnosis of a terminal illness. There is a 30 day window at the end of each guarantee period that allows access to part or all of the accumulated funds without a market value adjustment (surrender charges may apply). The free look period varies by state. There is an optional return of principal rider which, if elected, guarantees the sum of all purchase payments, less prior withdrawals, anytime a full withdrawal is made from the account. There are two additional riders, the Base PreferredIncome for Life Rider and the Enhanced PreferredIncome for Life Rider. The first is a No-cost rider which allows benefit payments through withdrawals within specified limits for the lifetime of the covered life. The second is an optional rider, available for an additional fee, which allows benefit payments through withdrawals within specified limits to continue for the lifetime of the last covered life. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Fee Based:
No
Free Look:
Yes
Plan Types:
457 (b), 401 (k), HR-10 (Keogh), 403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, Others, 401 (a)
Premium Types:
Flexible
States Available:
AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, KS, KY, IN, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
States Exception:
BERMUDA, GU, NY, OR, PR, VI
Version Note:
Scrap Book: